Abert, What Are the Best Life Insurances for Seniors?
Life insurance plays an important role in the life of those who know its worth. Usually, young adults purchase life insurance to help their dependents who need financial support before something happens to them.
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When seniors start to age, they also seek life insurance for different reasons, such as covering an outstanding debt, medical bill for a terminal disease, or funeral expenses.
A funeral cost in addition to cremation and burial can cost anywhere from 6000 dollars to 10000 dollars. Having life insurance is a wise decision that helps to ensure that this financial burden is not entirely the surviving family member’s responsibility. Most people have concluded that life insurance gets more expensive as you age which is not entirely true as life insurance for seniors might cost less than believed. No matter why you require a life insurance policy, I have compiled a list of the best life insurance available for seniors based on coverage, price, and several other factors.
Mutual of Omaha.
Headquarters: Nebraska, USA.
Highlights of Omaha Mutual.
Mutual of Omaha offers flexible insurance for seniors via their term life insurance policy, whole life insurance policy, and universal life insurance policy. 85 years old seniors can get the term life insurance policies which can be renewed every year until they become 95 years of age, with the insurance coverage starting from $100,000.
The whole life insurance policy is also available for people from 85 years of age with no medical exam or health information required, with coverage starting from $2000 to $25000. This company has a solid reputation for customer service and satisfaction, which was why they were ranked fifth by JD Power in its 2020 life insurance study out of 23 life insurance companies. Their services include a website that is easy to use in choosing a policy of filing complaints. They also have phone support and a local agent readily available to meet you when the need arises.
Mutual of Omaha has an A + financial strength rating from AM Best as they are reliable in their ability to meet the obligations of their policies.
AIG.
Headquarters: New York, USA.
Highlights of AIG.
AIG offers a whole life insurance policy in their final expense insurance for seniors up to 80 years with lower coverage that help offset funeral costs and other ends of life price with their coverage starting from $5000 to $25000. Their insurance policy acceptance does not require medical exams or health-related information.
AIG policies give their client a sense of security by allowing its client access to the policy benefits when experiencing a chronic illness or disease. Other life insurance companies charge higher or additional fees to allow its client to access the policy living benefits, which is not the case of AIG as it offers this service with no additional cost. AIG allows its clients to access up to 50% of an entire policy geared towards medical care assistance, depending on the type of illness.
In 2020 the company was ranked 15th out of 23 life insurance companies by JD Power and overall customer satisfaction.
Principal life insurance.
Headquarters: Des Moines, Iowa, USA.
Highlights of principal life insurance.
Principal life insurance is a respected financial service provider as it started out as a life insurance company when it was founded in 1879, which is not the case for many life insurance companies that eventually found their way into life insurance after some years. Time principal life insurance now offers five life insurance policies: universal life policy, variable universal life policy, indexed universal life policy, survivorship insurance, term life policy. They have been able to provide these services for 34 million customers worldwide, which earned the company an A+ rating from AM Best.
Principal life insurance is suitable for those in need of a large life insurance policy, particularly for estate planning purposes, with a minimum of $200,000. This allows their customers to buy millions of life insurance to create generational wealth, establish an important endowment, or fund a family trust. The company policies are made available for young adults up to age 20 to seniors up to the age of 80 and can be renewed yearly till they become 95 years old, and this makes the peace of mind created by their policies long-lasting.
Transamerica.
Headquarter: Cedar Rapids, Iowa, USA.
Highlights of Transamerica.
Transamerica, which was founded in 1904, has been able to maintain an A rating with AM Best to date. Transamerica registers seniors up to 85 years for their final expense insurance and gives term life insurance to seniors up to 80 years which is not possible in most life insurance companies. Most insurance companies also restrict their term life policies only to seniors of ages 70 to 75. Most of Transamerica’s final expenses life insurance policies, which are available for seniors up to the age of 85, have higher death benefits than what several other life insurance company policies offer.
Transamerica offers seniors who are 56 to 65 years coverage of $40,000, 66 to 75 years old get coverage of $30,000, and 76 to 85 years old get coverage of $25,000. The majority of the policies offered by Transamerica allow their clients to access full benefits from day one, while other life insurance companies could delay the use of two years.
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